We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Arena Pharmaceuticals, Inc. (“Arena” or the “Company”) (NASDAQ: ARNA), in connection with the proposed acquisition of the Company by Pfizer Inc. (“Pfizer”) (NYSE: PFE). Under the terms of the merger agreement, the Company’s shareholders will receive $100.00 per share in cash for each share of Arena common stock that they hold.  The all-cash transaction is valued at approximately $6.7 billion.

WeissLaw LLP is investigating whether (i) Arena’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the $100.00 per-share merger consideration adequately compensates Arena’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.  Notably, at least one analyst set a price target for the Company of $120 per share, $20.00 above the per-share merger consideration.